FX.co ★ EUR/USD Intraday Technical Analysis and Trading Recommendations for September 18, 2012

The EUR/USD pair has formed a Doji candlestick pattern as depicted on the daily chart above.

This candlestick represents indecision at the current price levels but it could turn into a bearish pattern if the following candle is a bearish one. Anyway, we still see chances for a bearish correctional move to relieve overbought state.

A break below 1.3000 (78.6% Fibonacci) will confirm and accelerate the bearish move while penetrating 1.3280 will delay the awaited bearish wave.

The trading range for today is within Key support at 1.3000 and Key resistance at 1.3280.

Support: 1.3080, 1.3055, 1.3025, 1.3000, 1.2940
Resistance: 1.3140, 1.3165, 1.3180, 1.3200, 1.3225

Recommendation based on the chart above is selling the EUR/USD pair below 1.3000 targeting 1.2800 and stop loss above 1.3050.